A lot of that value was created on the back of Elon Musk's support, which has been ongoing since 2019. In fact, Dogecoin's most recent rally was sparked by Musk's involvement in the Trump administration, where he temporarily ran an external government agency with a name that references the meme token.

Elon Musk's time as the leader of President Donald Trump’s Department of Government Efficiency (DOGE) has come to an end. “As my scheduled time as a special government employee comes to an end, I would like to thank President [Trump] for the opportunity to reduce wasteful spending,